Topic > The Four PSs: How Companies Can Influence Buyer Response

The Four Ps of the marketing mix have been called “the sacred quadruple…of marketing belief” (Kent, 1986). The Marketing Mix is ​​the set of controllable variables that the company can use to influence buyer response, ( Kotler, 2003) These variables are namely: product, place, price and promotion. These four factors can be used to "summarize the key decisions and responsibilities of marketing managers" (McDonald and Roberts, 1992). This useful mnemonic, popularized by McCarthy in the 1960s, has been the basic model used by many companies to achieve high sales, growth, and profits. For example, the 4Ps can be used to break down and explain Coca Cola's marketing strategy. The product can be defined as: “A set of attributes (features, functions, benefits and uses) capable of exchange or use; usually a mix of tangible and intangible forms” (American Marketing Association, 2016), or “anything that can be offered to a market to satisfy a want or need” (Kotler and Keller, 2006, p. 372). Coca-Cola is a carbonated soft drink produced by the Coca-Cola company. It has a large and varied product portfolio in the beverage industry. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Coca Cola's product strategy in its marketing mix can be represented by its wide range of products. These include Coca-Cola, Sprite, Fanta, Diet Coke, Coca-Cola Zero, Coca-Cola Life, Dasani, Minute Maid and 13 other drinks to suit all tastes and preferences. This is also because they are trying to satisfy all markets, i.e. mass marketing. The Coca-Cola logo is clearly visible on each of these bottles and cans in order to ensure product differentiation and Coca-Cola bottles also have unique shapes relating to their brand, thus building a strong and memorable brand that creates customer loyalty customer. Coca-Cola, Sprite and Fanta have large market shares in their respective segments, but their growth is almost stagnant, making them cash cows in the company's product portfolio, Minute Maid, on the other hand, has a high market share and a good growth rate, and this ensures that the company is growing. Price, like all elements of the marketing mix, is a tool for influencing demand and a key positioning factor, influencing how the product, or brand, is perceived by the consumer in relation to competitors (Kotler and Keller, 2006 ). There are many pricing strategies such as cost-plus, penetration, markup, etc. Coca-Cola follows a 2nd degree price discrimination strategy in its marketing mix. They charge different prices for products in different segments, for example in developing countries where they consider their consumers to be more price sensitive, they charge lower prices. The global beverage market is considered an oligopoly in which there are few large companies. Coca-Cola and Pepsi are the dominant players. Coca-Cola products are priced similarly to Pepsi products in that particular segment. Coca-Cola also offers discounts on bulk purchases, sometimes even bundling products, in order to maximize profitability.